Nucor Price Increase Correction
Nucor came out with an "official" announcement last evening (Tuesday) advising their customers effective immediately they were taking prices up by $40 per ton ($2.00/cwt) on all new flat rolled steel orders (hot roll, cold roll, galvanized. Early last week Nucor was advising their customer base of their intention to go to a $31.00/cwt ($620) base on hot rolled and $36.00/cwt base on cold rolled and galvanized. This was done verbally and was not in writing. The latest increase announcement came in the form of an official letter from the sales & marketing managers of the various sheet mills to their customers. It appears Steel Market Update may have misunderstood the second announcement to be above and beyond the base price advisory and we are finding this is not the case. We apologize for putting out an incorrect blog post and publication in our newsletter due to our misunderstanding.